Traders speculate that the price of Bitcoin could continue to fluctuate sideways for now



The price of Bitcoin has dropped in recent days. Although it has recovered from its weekly lows, the asset’s trajectory remains uncertain, says CryptoWendyO, a cryptocurrency trader on Twitter.

“The daily time frame is not looking very good as we are having trouble holding $ 50,000,” he told Cointelegraph on Friday. “I feel like we are going to have a move towards $ 51,600.”

Added:

“From there I would be cautious as the rejection could lead back to the $ 50,000 to $ 45,000 range. A break below could be a quick wick to $ 42,000 to $ 38,000 with a glorious recovery. The invalidation would be a sustained consolidation at USD 52,000 “.

After hitting all-time highs of approximately $ 58,360 in February, Bitcoin (BTC) fell to about $ 43,015 in the days after, according to data from TradingView. The asset then rallied near the $ 52,660 level, before continuing its downward price action below $ 50,000. At the time of publishing this article, Bitcoin is trading at roughly $ 49,020.

Cheds, a trader on Twitter who has una CMT level I certification, wait “more BTC consolidation above that key $ 42,000 level”, he told Cointelegraph on Friday. As well tweeted a graph of your range expectations.

“The big question is whether the recent 27% correction is enough to drive us to a new high,” Cheds said. “Meanwhile, we will see a range narrowing on the day of lower highs and higher lows.”

Several tech stocks also saw their prices drop recently.

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